ACCOUNTS - Final Accounts


Caseware UK (AP4) 2018.0.196 2018.0.1962018-12-312018-12-3109035681The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-01-01090356812018-01-012018-12-31090356812017-01-012017-12-31090356812018-12-31090356812017-12-3109035681 c:Director2 2018-01-012018-12-3109035681 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-3109035681 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-3109035681 d:ShareCapital 2018-12-3109035681 d:ShareCapital 2017-12-3109035681 d:RetainedEarningsAccumulatedLosses 2018-12-3109035681 d:RetainedEarningsAccumulatedLosses 2017-12-3109035681 c:FRS102 2018-01-012018-12-3109035681 c:AuditExempt-NoAccountantsReport 2018-01-012018-12-3109035681 c:FullAccounts 2018-01-012018-12-3109035681 c:PrivateLimitedCompanyLtd 2018-01-012018-12-3109035681 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-01-012018-12-31iso4217:GBPxbrli:pure



















NEWCO EUROPE UK LTD
Registered number: 09035681
Directors' report and unaudited financial statements

For the year ended 31 December 2018

 
 09035681
31 December 2018
NEWCO EUROPE UK LTD
Registered number: 09035681

BALANCE SHEET
AS AT 31 DECEMBER 2018

2018
2017
Note
£
£

  

Current assets
  

Debtors
  
83,500
22,763

Cash at bank and in hand
  
45,331
12,717

  
128,831
35,480

Creditors: amounts falling due within one year
  
(459,025)
(192,985)

Net current liabilities
  
 
 
(330,194)
 
 
(157,505)

Total assets less current liabilities
  
(330,194)
(157,505)

  

Net liabilities
  
(330,194)
(157,505)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(330,294)
(157,605)

  
(330,194)
(157,505)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
Mr E Adriaanse
Director

Date: 28 October 2019

The notes on pages 2 to 4 form part of these financial statements.

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 09035681
31 December 2018
NEWCO EUROPE UK LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

1.


General information

Newco Europe UK LTD is a limited company incorporated in England and Wales. The address of its registered office is Mazars LLP, 45 Church Street, Birmingham, B3 2RT. The principal activity of the company is that of non-specialised wholesale trade.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling, which is considered to be the functional currency of the company, and are rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.

- 2 -

 
 09035681
31 December 2018
NEWCO EUROPE UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

- 3 -

 
 09035681
31 December 2018
NEWCO EUROPE UK LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2017 - 2).


4.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £2,292 (2017 - £195) . 


5.


Controlling party

The ultimate parent company is NEWCO EUROPE BV, a company registered in The Netherlands.

 
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